Elkem

Share Issue/Capital Change • Jul 29, 2019

Elkem ASA - Grant of share options under share incentive scheme

Elkem ASA - Grant of share options under share incentive scheme

Oslo, 29 July 2019

The board of directors of Elkem ASA ("Elkem" or the "Company", OSE ticker code:

"ELK") has resolved to grant in total 8,000,000 share options to members of the

management and certain other key employees under the Company's share incentive

scheme.

Each option gives the option holder the right to subscribe or purchase one share

in the Company at an exercise price of NOK 23.53, which is equal to the average

of the share price at closing on the first 20 working days of July 2019. The

options will vest over a period of three years from grant with one-third vesting

each year and the first one-third vesting on 29 July 2020. The options will

expire two years after vesting, i.e. on 29 July 2022, 2023 and 2024,

respectively. The Company may honour options when exercised by delivering either

new shares, treasury shares or settlement in cash, at the discretion of the

Company.

Following the grant, the total number of outstanding options are 15,850,000.

The following primary insiders were granted options:

Helge Aasen (CEO), was granted 500,000 options, following which he holds in

total 1,000,000 options and 86,206 shares in the Company

Morten Viga (CFO), was granted 300,000 options, following which he holds in

total 600,000 options and 46,896 shares in the Company

Frédéric Jacquin (SVP Silicones), was granted 300,000 options, following which

he holds in total 600,000 options and 6,551 shares in the Company

Trond Saeterstad (SVP Silicon Materials), was granted 300,000 options, following

which he holds in total 600,000 options and 0 shares in the Company

Jean Villeneuve (SVP Foundry Products), was granted 300,000 options, following

which he holds in total 600,000 options and 0 shares in the Company

Inge Grubben-Strømnes (SVP Carbon), was granted 300,000 options, following which

he holds in total 600,000 options and 35,189 shares in the Company

Asbjørn Søvik (SVP Business Development), was granted 300,000 options, following

which he holds in total 600,000 options and 10,000 shares in the Company

Katja Lehland (SVP HR), was granted 300,000 options, following which she holds

in total 600,000 options and 0 shares in the Company

Håvard Moe (SVP Technology), was granted 300,000 options, following which he

holds in total 600,000 options and 17,241 shares in the Company

Louis Vovelle (SVP Innovation and R&D), was granted 300,000 options, following

which he holds in total 600,000 options and 6,896 shares in the Company

Odd-Geir Lyngstad (VP Finance and Investor Relations), was granted 150,000

options, following which he holds in total 300,000 options and 8,200 shares in

the Company

This information is subject to the disclosure requirements pursuant to section 4

-2 of the Norwegian Securities Trading Act.

For further information, please contact:

Odd-Geir Lyngstad

VP Finance and Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.no

About Elkem ASA

Founded in 1904, Elkem is one of the world's leading suppliers of silicon-based

advanced materials with operations throughout the value chain from quartz to

specialty silicones, as well as attractive market positions in specialty

ferrosilicon alloys and carbon materials. Elkem is a publicly listed company on

the Oslo Stock Exchange, and is headquartered in Oslo. The company has 6200

employees with 27 production sites and sales offices in a total of 28 countries

worldwide. In 2018 Elkem had revenues of 25.9 billion NOK. To learn more, please

visit www.elkem.com